Applied Business Research: IT Impact on Accounting and Finance

This research proposal investigates the impact of information technology on modern accounting systems and finance, specifically within the Australian context. The study addresses the significant role of IT in management control and accounting, highlighting the need for further investigation into this relationship. The proposal outlines a comprehensive approach, including an introduction, literature review, and research methodology. The methodology section details a mixed research approach utilizing both primary and secondary data collection methods, including surveys and interviews. Statistical data analysis will be employed to analyze the collected data, with ethical considerations integrated throughout the research process. The research aims to explore how IT influences accounting activities and addresses the challenges and opportunities presented by technological advancements in the field. The proposal also covers the research problem, objectives, and theoretical background, providing a detailed overview of the research design and data analysis techniques.

Running head: APPLIED BUSINESS RESEARCH
The impact and innovation of information technology on modern accounting system and
finance, a case study on the Australian context

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Abstract
The aim of this research is to analyse the impact of information technology in modern
accounting practice and finances in the context of Australia. This research illustrated that IT
plays significant role in management control and accounting but, in an earlier investigation, it
has not been investigates effectively.
This research study helps to overcome this issue. This research proposal contains several
elements such as introduction, literature review as well as research methodology. In the
introduction part, this research has covered the topic of investigation, aim, and objectives, and
structure of the proposal. In the second chapter, this research discussed that innovation and
information technology has significantly impact on the management accounting.
In the research design and methodology chapter, it is illustrated that a mixed research approach
would be used for collecting the theoretical and practical information regarding research issues.
This research proposal takes into consideration data collection techniques such as both primary
and secondary data collection methods. Along with this, both survey and interview technique
will be used for collecting the data. Statistical data analysis would be used to analyze the pooled
data in an effective manner. Moreover, this research discussed that ethical consideration helps to
conduct the research in an ethical manner.

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Table of Contents
Abstract...................................................................................................................................................2
Introduction to the research.........................................................................................................................4
Introduce the topic of the research...........................................................................................................4
What real problem does the research seek to resolve and why is it important to research this topic
(project scope).........................................................................................................................................4
Outline the structure of this proposal.......................................................................................................5
Introduction.........................................................................................................................................5
Literature review.................................................................................................................................5
Research methodology........................................................................................................................5
Research problem and research objectives..............................................................................................6
Theoretical Background/Literature review..................................................................................................6
Research Design and Methodology...........................................................................................................10
Type of research (exploratory, descriptive or causal)............................................................................11
Research approach (quantitative, qualitative or mixed approach)..........................................................11
Type of data will be used (primary or secondary data)..........................................................................12
Data collection.......................................................................................................................................12
Sampling...............................................................................................................................................13
Data analysis..........................................................................................................................................14
Ethical consideration.............................................................................................................................14
References.................................................................................................................................................16
Appendix...................................................................................................................................................20

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Introduction to the research
Introduce the topic of the research
Accounting and reporting demonstrate the act for recording exchanges, assessing breaking down,
budgetary information, demonstration of several associations, having criticalness, specifically in
global companies. The exchanging structure related to several nations, specifically inferable
through occasions such as progression in terms of transformations in practices of administration
crosswise over several countries, the monetary as well as bookkeeping enlighting essential
practices for assuring high effectiveness (Al-Hila, et. al., 2017).
Accounting with money associated exercises, over the international has addressed the impressive
transformation regarding joining of creative enhancements in these sectors, specifically in the
spaces of trade as well as, exchange. In addition, innovation trend is considering into rehearses of
bookkeeping in portable bookkeeping, kinds of distributed computing, duty programming
projects, comparative marvels as well as, OCR advancements (Amin, and Mohamed, 2016).
What real problem does the research seek to resolve and why is it important to research
this topic (project scope)
As per the literature review related to previous and empirical investigation, it is addressed that
there is sufficient understanding regarding the effect of most current IT development in the
accounting sector. Although, IT significantly plays a vital role in management control as well as,
accounting, this association has not been investigated sufficient (Bell, Bryman, and Harley,
2018). The aim of this investigation is to emphasize particularly on the impact of IT associated
organizational transformation in management accounting activities. The researcher would seek to
develop the management accounting profession related to challenges of IT, and contribution of
body of understanding regarding to what extent IT influences the competency to solve several

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accounting activities. Therefore, the researcher would try to assess the effect of IT application on
accountant activities (Breheny, and McQuaid, 2018).
Outline the structure of this proposal.
The organizational structure of the proposal would be beneficial for the researcher to develop a
feasible decision and understands the components that would be incorporated into this
investigation. These components are introduction, literature review as well as, research
methodology (Burrough, et. al., 2015). It is described as follow:
Introduction
Through the introduction chapter, an investigator would be competent for understanding some
components such as the aim and objectives of investigations, research problem, project scope,
and dissertation structure. It can lead to completing of investigation within specified time and
cost (Cleary, and Quinn, 2016).
Literature review
In this chapter, an investigator would be competent for gaining the theoretical knowledge
regarding investigation aspects. It can be significant to achieve the specified aim in minimum
time. The literature review contains several secondary sources such as journal articles, online as
well as, offline sources. It can be beneficial for gathering the theoretical information regarding
investigation concerns. These sources can be also advantageous for obtaining a positive outcome
in the context of existing issues (Dai, and Vasarhelyi, 2017).
Research methodology
In this research methodology chapter, different techniques, approaches, and strategies would be
used that helps in the completion of research issues. These techniques are research strategies,
data collection technique, sample, and research type, sampling, and data analysis techniques.

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This can be significant for the accomplishment of investigating activities by choosing the
feasible technique to conduct the investigation (Divisekera, and Nguyen, 2018).
Research problem and research objectives
The key problem is face by an accountant is to maintain the consolidation as well as,
incorporation of advanced bookkeeping and monetary plans within companies over the global
business system. It could be highly significant for addressing the ramification related to such
fuses and incorporation in elements of bookkeeping rehearses. It is also significant in diverse
innovative aspects for implementing the bookkeeping rehearses of several business associations.
It is specifically considered under business spaces that are prominent and highly innovative in
financially dynamic nations, and the Australia (Ghaffarianhoseini, et. al., 2017).
Research Aim and Objectives:
This investigation addressed effect of information technology in modern accounting practices as
well as, finance. The high impact that it made is to develop as well as, practicing computerized
system record along with, tracking the financial transaction. This investigation is attempted to
research the way through which, obstacle initiate would be eliminated. This research is
predicting the future implication of innovative application in rehearses of accounting in the
business condition of Australia.
Theoretical Background/Literature review
According to Otleyand Emmanuel (2013), IT (information technology) has significant role in
each perspective of our lives. It has performed same with finance as well as, accounting. But, in
current times, accounting is just entailed as a mere procedure for recording as well as, assessing
the financial transactions together with, summarizing them.

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In contrast to this, Taipaleenmäki and Ikäheimo (2013) evaluated that evolution of accounting
and finance, as well as, information technology have increased rather modified strategy by
which, all processing could be prohibited. As per Clarke Seng and Whiting (2011), with respect
to dynamic nation such as in Australia, technology can have higher impact on the operation of a
business. Since, accounting and finance involve high changes as well as, flow of significant
financial facts; IT could make sure that the data arrives safely exclusive of any security breaches.
They have identified the ways for implementing electronic bookkeeping for accountants in
Australia because it avoids their efforts such as calculations and understanding of numbers.
In opposed to this, Ali and Green (2010) evaluated that IT is highly recognized between
companies because it declines the difficulties of a manual process. It is also significant for
training people regarding information technology hence they can obtain better aspect of using the
same. There would be also possibilities of declining errors and increasing efficiency.
As per the view of Ghaffarianhoseini et al. (2017), computerization not only offers security but
also, provides reliability, makes sure clarity as well as, that work would be performed in
specified time. It is also stated that the information technology has made easy to bookkeeping
process that can now be performed very suitably rather than manual accounting. The effects of
modern information technologies in corporations are manifested as well as, broad in different
manners. The recent development is made in accounting and finance fields by using the Internet,
Intranet, and ERP system in company technology. Some of these technologies aspects with
widespread practice, particularly internet have transformed the way that the company works as
well as, accounting business.
In contrast to this, Hodge (2018) stated that the constantly increasing as well as transforming
field has significant impact on role of managers at all level of companies. In current times,

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investigation within the information system and management accounting are coming active to
start with integrated information systems like enterprise resource planning (ERP) systems. In
such a way, information management is originated as a common brief name in context of
management of the use of IT at the workplace.
In the view of Huang et al. (2017), the rapid development in IT demonstrates both an opportunity
as well as, potential risk related to accountants. By eliminating the potential risk related to
accountants can practice the new IT for improving his role at the workplace. Earlier to 1960s, the
accountant was observed like bookkeeper whose initial accountability is to make sure that the
record was maintained. The accountant makes the struggle for battle in against the record failure.
During the period of the 1960s, the accountant was competent to make respond towards the
request of manager for reports related to business practices. Computers offer more efficient mean
to keep the books as well as, providing quick access to an accountant about the financial data for
reporting intentions.
As per the view of Jia Guo and Barnes (2017), presently, the manner where accounts can
significantly add value regarding societies as well as, economic entities are undergoing the
transformation. Several conventional accounting tasks deal with processing as well as,
recording related to accounting transaction could be consistently computerized. Therefore, the
accountant can consider incremental worth to the company in this regard any longer. The
company should offer independent assurance as well as, integrating strategic understanding in
spite of accountant’s value is now revealing in higher-order critical thinking competencies like
creating e-business models, designing business procedure, integrating strategic understanding as
well as, offering independent assurance.

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On the contrary, Lewis et al (2017) stated that conventionally, investigation in information
system has emphasized on the study of data processing, on development of the new system, on
the security of computer system, leaving for investigating the association among accounting as
well as, IT. In some studies, it is found that relationship is covered for a short time because of
taking into consideration of outdated techniques.
As per the view of Marra Antonelli and Pozzi (2017), investigation on management accounting
as well as, integrated information system has evolved different lines of investigation. The certain
area has large prominence towards management accounting ways, whereas others lay emphasis
on information systems ways. However, in order to comprehend emergent technologies and
antedate the impact on accounting, one needs to apprehend the impact of the recently updated
technologies.
In opposed to this, O’Neill Sohal and Teng (2016) stated that a novel or latest communication
and information technology depict a development direction and a relevant element in a structured
information system that is presented through computerized data. The information sharing
possibilities between individuals can be directed towards the informal cognitive network for
example electronic discussion board that would be able to strengthen relations with other
economic associates, which would include the exchange of knowledge and ideas among the
associates.
According to Otley (2016), this system is the one that utilizes some of the specialized machines
known as computers and calculators in order to collect the data. It is said to be electronic data
processing in technical terms. The accounting system is the system at which the computers are
based on which are responsible to process the data similar to the way as of manual system.

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Initially, the transactions are recorded traditionally on the sourced document and those
documents are integrated with the punch cards that are readable by the computers.
In opposed to this, Joshi et al. (2013) stated that the computers are responsible for the
information processing and performing other routine tasks like posting journals to ledger
accounts, calculating and presenting the balances, and lastly presenting the financial statement.
An accounting system conducted computerized are done free online Merriam that permits the
users to input the transactions in the system after all necessary updates regarding the accounts are
completed.
As per the view of Belfo and Trigo (2013), nevertheless, electronic data appears to remain to
agonize as of its theoretical and synthetic character and after the superior trust, frequently
credited to fewer impersonal communications. Moreover, it would not be reliable and realistic to
believe that the information system would be able to supply the relevant decision-making and
efficient information every time. The decision maker along with the required information needs
to be known and available in advance whenever such kind of prediction is to make which could
not be possible when surrounded by complex problem-solving. However, this signifies valuable
support in the exploration for managing of information desirable surrounded by process of
decision-making
Research Design and Methodology
Under this investigation, research methodology is a significant aspect in order to select different
techniques as well as, strategies for completing the research. Under such research methodology
chapter, several strategies are used by investigators like research type, research approach, data
collection techniques, data analysis tool, and ethical consideration (Fanning and Centers, 2016).
It is discussed as follow:

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Type of research (exploratory, descriptive or causal)
There are different kinds of investigation such as explanatory, exploratory as well as, descriptive
research that can be practiced by an investigator for identifying the investigation issues in a
significant way. In this way, the descriptive investigation is research that is depended on
describing the research topic by providing depth knowledge about research issue. Moreover, the
exploratory research is related to the investigation of primary research that can be performed
through investigator by developing a hypothesis in this research. In contrast to this, explanatory
research is defined as the research, which addresses the causes as well as, effects of the
relationship among some variables that are related to the investigation (Liyan, 2013).
In this investigation, descriptive research type is used by a researcher that will facilitate the
investigator for illustrating regarding the impact and innovation of information technology on
modern accounting system and finance, a case study on the Australian context. Moreover, this
research type will be significant to collect the views as well as, belief of research participants
about research issues. In opposed to this, an investigator will not implement the exploratory
research type as a research issue is not new as well as, fresh for research. Moreover, research will
not apply the explanatory investigation because of a lack of cause and effect relationship (Otley,
and Emmanuel, 2013).
Research approach (quantitative, qualitative or mixed approach)
The mix research approach will be applied through researcher in the context of attaining the aims
of this investigation. Since, this research approach emphasizes on benefits as well as drawbacks
of using both qualitative and quantitative research approach. In such a manner, a qualitative
research approach will help to obtain the non-numerical information associated with research

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issues. Apart from that, the quantitative research approach will be executed by an investigator to
assess the responses captured through research respondents (Pan, and Seow, 2016).
Type of data will be used (primary or secondary data)
The data gathering technique could be a significant concept for the research methodology
chapter as it would aid to improve the reliability of the research result. It also aids to attain aim
as well as, objectives of research in a significant manner. The researcher can pool the facts as
well as, figures by using both primary and secondary data collection techniques. With the
intention of this investigation, both primary as well as, secondary data collection method would
be practiced in this investigation. In such a way, the researcher can avoid the obstacles of
secondary and primary data collection method (Sajady, Dastgir, and Nejad, 2012). Along with
this, primary data would be gathered through interview and survey through a questionnaire. This
method helps to gather fresh and innovative information regarding research concern. This
technique will support to capture views as well as, opinion of participants with regards to
existing research issue. Moreover, secondary data would be collected via different sources like
articles, academic publications, journals, government report, and textbooks (Soudani, 2012).
Data collection
In research methodology chapter, data collection plays a significant role because it makes
competent to investigator for meeting the aim of research issue. Different techniques are
considered in data gathering such as literature review method, case study, focus group, as well
as, interview and survey through a questionnaire (Pan, and Seow, 2016).
In this investigation, both interview as well as, survey through questionnaire technique will be
executed by researcher to pool the perception as well as, belief of research candidates regarding
the research issues. It is also assessed that conceptual information associated with research issue